Cost Of Living In Franklin Park, NJ

Franklin Park cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Index	Franklin Park	New Jersey	National
Cost of living index	124	127	100
Index	Franklin Park	New Jersey	National
Goods & Services index	113	114	100
Groceries index	102	104	100
Health care index	102	100	100
Housing index	159	166	100
Transportation index	106	107	100
Utilities index	109	110	100

A general overview of the cost of living index for Franklin Park, NJ is displayed above. In Franklin Park, NJ, the overall cost of living index is 124, which is 2% lower than the New Jersey average and 24% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Franklin Park, NJ, the city's goods and services are 1% lower than the New Jersey average and 13% higher than the U.S. average.

Did you know?

The cost of living in Franklin Park is 2% lower than the New Jersey average.
The cost of living in Franklin Park is 24% higher than the national average.
The cost of housing in Franklin Park is 59% higher than the national average.
New Jersey general sales tax is 37% higher than the national average.
New Jersey state income tax is 37% lower than the national average.

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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Use the salary calculator to compare your current income in Franklin Park, NJ to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Franklin Park, NJ, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Franklin Park, NJ salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$95,802	$7,984	$2,235	$2,874
Renters	$79,509	$6,626	$1,855	$2,386

The affordability of the housing market in Franklin Park, NJ as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Franklin Park, NJ homeowners, the median income is $95,802. This indicates that a monthly maximum of $2,235 should be spent by homeowners on all housing related costs. Renters have a median income of $79,509. This indicates that renters should have a maximum of $1,855 used for their rent related monthly costs.

New Jersey Sales Tax

State	General Sales Tax	With Max Surtax
New Jersey	7%	7%

New Jersey Income Tax

State	Income Tax (Low)	Income Tax (High)
New Jersey	1.4%	8.97%

One thing to keep in mind when considering the cost of living in Franklin Park, NJ is the New Jersey sales tax and New Jersey income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The New Jersey sales tax rate is 7% and the maximum surtax that can be charged is 7%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The New Jersey income tax rates range from 1.4% to 8.97%.

Goods & Services

Item	Franklin Park	National avg.	Difference
Haircut	$19.80	$15.56	27.2%
Beauty Salon	$31.53	$36.11	12.7%
Toothpaste	$2.04	$2.47	17.4%
Shampoo	$0.96	$0.96	0.9%
Movie	$12.25	$10.13	21.0%
Bowling	$4.44	$4.74	6.3%

Groceries

Item	Franklin Park	National avg.	Difference
Ground Beef	$3.72	$3.98	6.7%
Fried Chicken	$1.42	$1.41	1.2%
Milk	$2.35	$2.06	13.9%
Potatoes	$2.76	$2.98	7.6%
Pizza	$8.16	$9.47	13.8%
Beer	$9.12	$8.79	3.7%

Health Care

Item	Franklin Park	National avg.	Difference
Optometrist	$104.60	$101.04	3.5%
Doctor	$88.87	$107.44	17.3%
Dentist	$110.17	$90.42	21.8%
Ibuprofen	$8.59	$9.28	7.4%
Lipitor	$389.54	$426.50	8.7%

Housing

Item	Franklin Park	National avg.	Difference
Home Price	$265,500.00	$175,700.00	51.1%
Avg. Mortgage Payment	$1,533.70	$1,133.23	35.3%
Apartment Rent	$1,630.00	$920.00	77.2%

Transportation

Item	Franklin Park	National avg.	Difference
Gasoline	$1.92	$1.99	3.6%
Tire Balancing	$59.07	$45.76	29.1%

Utilities

Item	Franklin Park	National avg.	Difference
All Electricity	$168.73	$163.81	3.0%
Phone	$33.50	$28.39	18.0%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, State	Population	Cost of Living Index	National Avg.
Zarephath, NJ	0	109	9%
Rossmoor, NJ	2,814	98	-2%
Clearbrook Park, NJ	2,489	111	11%
Concordia, NJ	3,092	111	11%
Roselle, NJ	21,348	115	15%
Franklin Park, NJ	14,815	124	24%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Alexander City, AL	14,815	91	-9%
Dickson, TN	14,814	92	-8%
Rosedale, CA	14,826	133	33%
Whitewater, WI	14,801	100	0%
Corinth, MS	14,797	84	-16%
Franklin Park, NJ	14,815	124	24%

Source: The Franklin Park, NJ cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.

Franklin Park, NJ Cost of Living